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Saudi Prince Alwaleed released from detention after financial settlement

Prince Alwaleed bin Talal, chairman and owner of Kingdom Holding Co., was released from detention Jan. 27 more than two months after he was arrested in Saudi Arabia's sweeping corruption probe, Reuters reported, citing sources in Prince Alwaleed's family.

Prince Alwaleed's release came after he negotiated a financial settlement with the kingdom's attorney general, a senior Saudi official told Reuters. Recent news reports suggested that a settlement was in the works.

The action signals an apparent wind down in the kingdom's corruption investigation and should calm investors in his global business empire, Reuters said, which includes large stakes in high-profile Western companies such as Citigroup Inc., Twitter Inc. and Lyft Inc.

Eleven princes and more than three dozen others, including executives and government officials, were arrested in early November 2017 as part of the crackdown.

The Saudi Arabian government has said it could reap up to $100 billion in settlement payments from the probe, and plans to use the money for development projects.